NASHVILLE—Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.50 percent per annum. This rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.50 percent, as published by the Federal Reserve on June 3, 2024.
Commissioner Gonzales stated that this rate will remain in effect until the average prime loan rate, as announced by the Federal Reserve Bank, changes.
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The regulation of interest rates in Tennessee is governed by Chapter 464, Public Acts of 1983. This legislation mandates that the commissioner of Financial Institutions make a weekly announcement regarding the formula rate of interest.
For more information, contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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Tennessee Board of Regents to Discuss Tuition Hikes
The Tennessee Board of Regents will consider tuition and fee increases for the 2024-25 academic year at their June 13 meeting, with proposed hikes of 4.88% for technical colleges and 5.2% for community colleges, citing inflation and new federal rules as primary reasons. Despite the increases, Tennessee’s community and technical colleges remain among the most affordable, and many students can attend tuition-free through state and federal financial aid programs. The meeting will be live-streamed and accessible here.